. >> what happened to your eem trade, dan? >> i lost money in it.hank you. >> sorry. >> to an interesting point about eem, it almost feels like people were short at the bottom and presing the short. it was a big trade last year where people were long s&p and funding it short eem ewz and worked beautifully but came unwound in the last week. >> when you're effectively short, eem, was that close to the low? >> no. in april they rolled off. i had to find my risk. you don't press shorts at lowes like that. >> trade school. your graphics are a killer. >> next up proctor and gamble. all good. all time highs. big time. since i was a kid. for a number of different reasons. with that said, you don't buy proctor and gamble because they're raising their dividend. to me, it's gravy. coming close to 18 times forward earnings, they are not cheap here. and they will not be immune to the tape if the tape falls down. just to buy it because you're getting a 3% dividend is a fool's errand. that's almost a trade school. >> not as good as yours. >> we do have some news t

we don't know why it's up, eastern going to the eems.rm, brazil, eem. >> gemma, you raised an interesting point, commodities, and what the demand is from emerging markets? >> yes, and roll it out to the commodity markets in general. something everybody should be focused on is a lot of them trading are correlated to the shadow banking system in china. just to clarify that, what's happen something a lot of the commodities -- again, i am talking more about the ags, it's to get around lending laws. it will be more defaults you see in the shadow banking sector. that means more volatility in commodities going forward. >>> still ahead on "the half," what's got john najarian making a monster move today? we have unusual activity to tell you about. and a new twist in the debate over high-speed trading. one online brokerage making a big change that it says will level the playing field. we'll talk to the ceo of tradestation next. we'll take a look at the market right now at session highs. health care is the big leader today. there's a look at the s&

the eem is up about a percent and a half, a lot better than the s&p 500.h, china up 2.5%. brazil has lost a bit of steam, so emerging markets investment, scott, have been maybe unfavorable before, maybe worth looking at again. >> let's be quick, pete. worth looking at? >> absolutely. it's one of the areas we look at with the commodities. it obviously plays into the ground of emerging market. >> remember we had jordan rowe on, talking quite positively about facebook, netflix and yahoo!. we saw the stocks rising to the highs of the day. there's a look at facebook, up better than 2%. netflix as well. there's a lot of talk in the market, guys to how far some of these things could fall, but jordan is out defending them today and the stocks are on the move. >> they are, but i d believe in the story. there's a lot going on out there, which we'll talk about in a minute, to suggest counter to that. the yen is -- >> talk about that. >> it's making a huge move. consumption tax rise, what concerns me most is that in february, when the yen spiked, the speculative commu

the other thing is if you look at the formation of eem shares, we saw 18% shares decompose down to march. what it's saying, flows are coming back and people buying some stocks. i would stay broader. >> working 9:00 to 5:00. using glass at work and yes, we will have a few pairs onset. could coca-cola be looking to monster. next on "fast." and a twenty-megapixel sensor. it's got the brightest display, so i can see what i'm shooting -- even outdoors, and 4 mics that capture incredible sound. plus, it has apps like vine -- and free cloud storage. my new lumia icon is so great, even our wipeouts look amazing. ♪ honestly, i want to see you be brave ♪ ♪ at your ford dealer think? they think about tires. and what they've been through lately. polar vortexes, road construction, and gaping potholes. so with all that behind you, you might want to make sure you're safe and in control. ford technicians are ready to find the right tires for your vehicle. get up to $120 in mail-in rebates on four select tires when you use the ford service credit card at the big tire event. see what the ford experts thin

the mayor asked that i go back and work with the fire chief, work with eem to sharpen the point on those numbers and look at what options existed in terms of either phasing that in or other options to kind of balance the cost with the goal. in terms of timing, which i think is also part of your question, we will, as with all of these things, as we move a little bit further into budget balancing project we'll know more about how much money is available and the mayor will have an opportunity to direct me and direct departments about what his priorities are and what he's going to be able to include in his budget. and that work tends to happen in later april or beginning of may. but it certainly is one of the things that he's paying close attention to and we are working on now to determine whether it will be something we can fund or not. >> okay. thank you. >> colleagues, any further questions, comments? okay. so can i have a motion to table this. what i will say in advance as we continue to start our budget season we'll have an updated 9-month report and i know the controllers office is wor

of disclosure, i do recommend a report, a short on eem.harges look barrish. i think the u.s. follows. >> the dispart between the bond market and stock market is something i watch closely, yet we keep pushing the s&p up towards that resistance level and now right at the highs. so it's going to resolve one way or the other. again, listen, don't forget, the nasdaq is nowhere near, not even back to its 50-day high yet. >> that's true. >> it could really represent resistance, right? i keep saying this, and it goes higher, i suspect we'll hit resistance. what has changed right? earnings are weak, but better than expected, but -- >> they've been managed. >> lower expectations, absolutely. >> but no follow-through. you would think with this exciting you would expect more volume, and i don't feel it. i don't feel it in my gut. >> the bond market, as you were saying, you watch avidly. something is amiss. they're taking money away, the bonds should be falling off the rally. >> and in ten days or eight days, we'll get another fed announcement where ja

it's just slowly en to a point where-- eemed like was manageabl then it beme unmanageable. then be antic and crazed. 's when i ndered how i'acting-- if i'm just keeping all thisraziness inside. that's what i wanted to know. ve been thinking about it. alof a sudden, wh i said at, it became re to me i see myself as two people. you coted, which one of you comes here? i started wondering, does one of me come here? do you think jean's description mas sense? it does make sense. yeah. on isical d thother in csi i felt like there one side that wanted to comt. it does most of the time. th'she s ve nevet out i don'really know how to do it. e impression i get is you chere, and you're always very rational and level. and though you talk about the problems you're suffering, it's like you've already put them at a distance. we're not experienci themith you. sometimes i wonder if i'm exriencing them. most othe time. sometimes. what you bring here is a very calm, rational person. from what u're telling us, that's not how you are all the time. you're not letting us in on thother side. i can c

. >>> chicago mayor rahm iman eem wants to talk, chicago. chicago.ew space, motorola, in the shiny new building. a job of the future, does rahm emanuel think a longer school day is the crucial place to start? >> what city fought for the longer day? what city succeeded largest increase in school time not only during the year, but also towards, two weeks towards the end and the reason i was nutty enough to jump in the lake is because we have this thing calmed the summer of learning and the kids in the city of chicago, $2 million in the summer. that's why i jumped in the lake. i challenged them, and they did it. >> some sap the quality education, good enough to have them their longer, it's got to be enrichment, other stuff? >> through the longer day, we pick between math and music. we don't pick. between arts and arithmetic. our kids get art and arithmetic. i won't put words in scott's mouth, i'm sure what they look for is not just a person in engineering. you're looking for an employee who is well-rounded and like all of us, the complete education you'

want to ensure safety for all park users >> however, those who let their dogs roam the fields didn't eem to mind camps. >> as long as they're not bothering people that are letting their dogs run around, i don't see a reason they shouldn't be able to stay here. >> with staying no longer an option many ride away, unsure where they'll next call home. >> the 84-year-old daly city man police say tried to shoot his doctor appeared in court today. abc7 news is live with the story. >> this an arraignment hering. he's been charged with premed indicated attempted murder and assault with a firearm. tonight we know more about this 86-year-old man with no criminal record. >> he told the investigators i'm an old man, there is nothing for you to worry about. >> that is what the 84-year-old told police. he invoked a right to remain silent. the shooting wednesday afternoon resulted in the evacuation of the medical center. s.w.a.t. team members rushed to the building. police say he watched into the center looking for the doctor seen here being escorted out of the building. wong treated him several years a

the emerging market funding -- eem has seen their shares rise by the most.about 1500 out there. curious, isn't it, that that is where people have been going? the stuff you would expect to be. it is the emerging markets that have attracted the attention. we had a chief investment officer from blackrock. a longinvestors with horizon, he is hedging a bit. we suggest emerging markets for a combination of value and growth. they are cheap and they're going faster. that is why you go to growing markets. you may also want to add another layer in dividends. emerging-market stocks that pay dividends. or emerging-market companies that pay dividends. this is what he likes, ethnic fable. dvye. vy, which is know dbvy dividends. dvye is the same thing. it is diversified across the whole world. there's that upswing he is talking about. emerging markets are reemerging. >> that is adam johnson with opportunities in the emerging markets. on also take a quick check what is going on and commodities. amid escalating violence in eastern europe, currencies are putting the dollar hi

emb and eem. curious, isn't it, that that is where people have been going.the emerging markets that have attracted the attention. earlier today, we had the chief equity strategist from black rock on the show. he explained why. for investors with a strong stomach and a long time horizon, -- ok, his hedging a little bit -- we suggest emerging markets for a combination of value and growth. in other words, they are cheap and growing faster. that is why you go to emerging markets. he said that because of the volatility, you may want to add another layer. that is dividends. stocks, orrkets companies, whose stocks pay dividends. who is that he likes as an example. dvye. thatrobably know the dvy. is dividend paying companies here in the u.s.. that is the same thing for emerging markets. it is about 4.5%. you look at the chart and there is the upswing he is talking about. emerging markets reemerging. >> speaking of what is going on overseas, let's take a look at the currency markets. the dollar a little stronger today amid escalating violence in eastern europe but al

the other hughes eem closed in 2009 during the recession. he remained optimistic. >> we have 2 million people that lived here. we are going to be able to gather some of those tourists to be interested in the galleries and institutions. >> some tourists made their way off the strip. a block is murray's gallery. >> they really are responding to the colour, the gright lights, not necessarily the life still, but the colour. >> artists based here, like tim bavington says sin city inspires. >> you know the saying, what happens here, stays here. it has a permissive atmosphere. you have to feel like you can do anything. >> out here in the desert baving tonne says he can work. it never escapes your mind that it's there. >> on the strip there's a gallery. some tourists drop in, it's not why they come to vague as. >> you know, a good time. forget your problems. >> definitely not art. >> not art, sorry. >> you can go to a museum to experience art, or the arts can come to you. that's what happened, in a complex that carries a large collection, including

we know that cuba is present, inside of the venezuela rooem eem and plays a role, and it's maliciousnd disturbing. the international ally that the government of nicolas maduro has, and that the government of chavez had in the past was the government of brazil. it has turned into a diplomatic shield for the government of venezuela, and frustrates every effort to change the course of events. >> what's the solution. what kind of pressure should quist. nicolas maduro said he can sit down with an observer and offered the vatican. do you think the vatican will get involved. the current secretary of state used to be the officer from the vatican. >> we set signals that we'll sit in a mediated dialogue with the vatican in front of it, and yesterday, and during the weekend there were specific messages sent in representation of a vatican and they are offering themselves to become the mediators. we heard that columbia, brazil and ecuador could be not part of the mediation process, but become facilitators to sit with the vatican and outline an agenda of what thu be this dialogue about. enrico him

take profits in the long eem short spy trade.me profit. >> brian. >> i think you want to stay away from the stock market and go to natural gas. ung. >> green today, hpq was. >> guy. >> big lots, very interesting price. real quickly. >> yes. >> quick word out there for a friend. jujitsu times eight. >> no one likes a cheater. >> i'm melissa lee. thanks so much for watching. we'll see you back here at 5:00 tomorrow. you won't want to miss "mad money" >>> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, i'm trying to save you a little money. my job is not just to entertain but to educate and explain. so call me at 1-800-743-cnbc or tweet me @jim cramer. today we need to go to athens and beijing if we want to explain the meltdown in new york.

eem wod died what democrats couldn't stand and it brought them out in 2012. what you're saying is the republicans in congress and the republicans in general have sat on their hands, do not want to do anything to help the working peep and the middle class people in america. they voted 50 times to try to defund the affordable care act. a complete and utter waste of time. you say the ways obama and the democrats have helped people and the republicans have done nothing, proposed nothing, merely stand for no. and if they get more power, if they take the senate, then it will be allout war on working class and the middle class. barack obama can't carry it everywhere himself. he's not that popular in a lot of these state where is there are tough senate race, number one. number two, barack obama is better campaigning as a candidate of hope than he is a candidate of darkness and doom. aim it at the tradition nat voeers they have to get out in the obama coalition, which is young people and working people. >> maybe the answer is bill clinton. >> hillary isn't going to wa

yellen's testimony to me signalled that eem could go and test a new low.ot carried out but i was long puts. they rolled off. i would actually look to tim's point. i'll be a seller at 42. >>> more reaction to ceo mary barra's grilling on capitol hill. has the g.m. brand been damaged? we'll hear from a top executive for his take. >>> plus two exchange ceos battling it out on cnbc. why the harsh words? we've got the details straightaway. in today's market, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price, maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. money." we are live at the nasdaq market site in times square. the head of the highway safety administration is testifying right now on capitol hill o

look at the eem in the proxy, could you probably trade this thing back to 4475.reverse in the mean trade is the eem against the spi is something that for 3.5 years kept getting sold and sold and sold, and this is a spread that started to move. won't happen overnight, but i think you have to watch that. >> want to go back to this tax questioned. we had a guest saying he thinks this is tax related and that we'll get a real come april 15th or 16th or what have you. do you buy that? are you seeing that firsthand, and if that's the case wouldn't be the market be discounting it now? it seems as though the selling action seems to be unrelated to that known entity that's out there. >> you can't -- you can't discount the fact that stocks have done very well here so you've got individuals with a lot of profits. some of the banks and pretty decent bonuses. the tax rates went up, the deductions came down, there are tax bills due, the tax bills have to be paid so some of this liquidity over the last five weeks from selling may be related to taxes. >> we have tax day every apr

look at the eem, that cracked early, as well. volatility index, as i mentioned. there's a lot of cracks that are starting to show up, but you're there with certain support levels, and caterpillar holding up, ibm, hewlett-packard, intel. the names we've been talking about, they've been holding in there, but it's been the high beta and the names with so much of the high multiple, as well. >> i would come back and say, a lot more names are now participating that didn't previously. so wynn, down 6%, starbucks down 1.5%, below 70. some of the names hanging in there, they're cracking, as well. consumer discretionary is trading awful. i think you have to give consideration into why that's happening. that's a little outside of those muchl names. >> i think it's the rotation away from value, as the economic gets better, everyone is nervous the fed will tighten much sooner than expected. and so, you are seeing utilit s utilities, they are the leaders, right? >> right. >> and some of the laggards, the blue chips, in the s&p or in the dow, coke is a perfect example. this was

generally in emerging markets, if you look at eem, you look at the short covers that we've seen in themarkets, and also it's not just short covers. it's also subscriptions in that etf into the emerging markets. >> john, thank you for being here. great to have you on, get your insights. >> great, my pleasure. >> john kinderlerer with credit suisse. >>> i mentioned earlier i got my hands oen a report from a big brokerage that gives a realtime view of how the biggest hedge funds are trying to trade the market now in the hottest name, the ones we're talking about the most. over a three-day period. guys, this is really interesting. it gives you a bit of an interesting view. i noticed from seema's report that facebook, for example, was higher today in the face of some weakness, and the data i'm looking at here, again, from a brokerage -- i won't mention the name -- is seeing strong covering, which is interesting in that name. but strong shorting in priceline, in amazon and twitter. >> i think that twitter short covering -- the twitter new short initiations are a pretty obvious bet that on ma

let me folk oust on emerging markets -- emerging markets right now, if you are buying eem, you are buying china and it has had some shrines of slowdown. >> it has. with these issues in china and emerging markets, the u.s. may have some issues in regard to the weather and so if you want a little bit more robust return from your investment then china, the emerging markets as a whole. then even some more stable economies like japan and, and europe are good ones to put into the portfolio just an an added value to your u.s. core holdings. liz: okay. i look at all of this, i say, all right, what's next, right? michael, in the end, what is the number one thing every investor should be doing right now for their portfolios? is there some type of teflon, some type of protecting or hedging measure they should have in there? >> they should be looking at their overall allocation. whether they do it quarterly or monthly or annually, making sure they have a little bit of everything. have some u.s. have some international. have some fixed income even at 2.8%, right? better than 1.4% which we saw not that

then we have the eem going in the opposite direction. remember, emerging markets, the story was sell them in january. this is now up 11 of the last 12 days. we have essentially a new high for the year in emerging markets. then the other market leader, airlines. this has been a big one this year, along with the biotech, all selling off today. we have some, you were right, rotation going on but for the overall market to be down like this on a positive non-farm payroll bothers me a little bit. don't yell at the stock market. an old saying of mine. let me yell at it for a minute. >> except the tax deadline is in two weeks' time. if you're in the market and owe money, you have to raise some cash, you are going to sell the stocks that have done really well to raise cash to pay the irs. >> impossible to quantify that but i agree, this often happens this time of year. >> thank you. i know we're coming back to you. sue? >> thank you, gentlemen. so will the u.s. continue to lead the global bull market this year? not so fast says economist jim o'ne

list that many family members presented to malaysia authorities saying we want you to meet these it eemsds. they said no way, we're not giving it to you, especially now when we're trying to figure out what's going on. but later on, next week, we understand that malaysian authorities are going to reveal some sort of public report. is there a possibility that any of that information that might be part of this public report, mary, could be used in the shaping of any legal challenges? of course we don't know, you know, what's going to be in that report but i would imagine they have to be careful about what's being said. >> sure. and if they do -- if they're going to follow the icao standards and do it like the ntsb does it then they can issue the preliminary report and they do have a choice. they can open what's called a public docket and start posting information publicly that they have obtained during the course of the investigation. you know, the ntsb posts a lot of information publicly. usually they do it in connection with the first public hearing but they could start posting and, remem

emerging market index saying this ten days in a row for the eem, we are down a little bit on the eem,t a ten-day win streak. sitting near the highs of the year. india which was a basket case a year ago, india had historic high, so a lot of these emerging markets that have been rolling over have suddenly stopped rolling over and moved back to the upside. let me move on to the hot topic whether the stock market is rigged, i was proud to take a part of that epic food fight, i think the big takeaway from the average investor, the people watching, if you're buying 100 shares of ibm on your ameritrade account or your e*trade or shwawbl account the probability that you will interact with a high frequency trader is practically zero. it doesn't mean anything to you. what it means something to is these people right here, the institutional guys, they're the ones who have been affected by this and they've been affected because the order flow has been migrating to dark pools because basically there's 100-share orders on the books no you and these guys can't get deals done in size. they get picked

eems like the administration wants to find a diplomatic solution and try to avoid with russian but troops on the georgia border and hen you have the troops on the eastern ukraine border there are very real reasons to fear that situation will get worse and won't be a diplomatic situation that will - solution get outs of it. op-ed from rand paul he said he would take a harder substance against the president. he wrote the invasion of ukraine s a gross violation of that nation a nation's sovereignty and an the national community. talk about his foreign policy? noninterventionist candidate among republicans. rand paul has moved to the middle if you will. sounded more belligerent and upset and calling the do more in on to response to russian aggression. it is very liberal but if you opinion polls a surface read you would think his default. is the national polls show only about a third of voters want america to involved in what is happening in russia. but when it comes down to the the actualnd down to event that happened, americans interventionist than the public polls would ndicate and paul's p

people's house, we passed over 00 bills since i came -- 200 bills that since i came to congress that eem to just be gathering dust. we've taken up important energy, education, health care reforms, numerous jobs bills. some republican bills, some democratic bills, and most passed with bipartisan support. yet senate majority harry reid has thrown them on the ground. nd ohioans ask me what we're doing here in washington, d.c. and i'm at which the's end trying to explain that every reform-minded bill that i've supported, that we've passed on behalf of the american people, is stuck in the senate. it's a legislative purgatory. it just sits. and i don't wish that on my fellow ohioans or fellow americans. i'm not asking the senate to agree with every bill that we pass, mr. speaker. but at least allow a vote. and at least allow a discuss. one -- discussion. one example is keystone x.l. pipeline. the energy security legislation passed the house with bipartisan support nearly a year ago. 241 members of congress voted for the northern route approval act. more than that, a filibuster proved a majorit

and that there had been some concerns raised about some of he specific questions that eemed to tend towards asking for news judgments. and i raised questions about that. we subsequently heard from the energy and commerce committee questions about it. and i asked that those uestions be removed from the survey. pye quent to that, mr. wrote an op ed piece in the "wall street journal" and in this became a cause celeb despite the fact that the questions were out. i took the whole thing and shut it down, the whole survey. i mean, i think it really became the dog that didn't bark because, a, the questions were taken out, and then b, it was shut down. the reason they were taken out is that we have a strong -- and i can assure you, i have a strong sense of the appropriate role of the federal government in news, period. period. >> ok. period end of answer. period end of sentence. congressman, my position is pretty simple. the government does not belong in the news rooms of america. government-funded researchers do not belong in the news rooms of america. such as what is your news philosophy? have you

or that we wouldn't get hit ha it eems silly.y forward to mid 90s, it was almost a truism that democrats ran the house. it's taken the party a decade to go, oh, oh yeah, no. that's going to be hard. but up next. the movement you probably haven't heard about. but first springtime baby photos from our facebook friends. we'll be right back. i'm beth... and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online instantly with the game changing app from ink. we didn't get into business to spend time managing receipts, that's why we have ink. we like being in business because we like being creative, we like interacting with people. so you have time to focus on the things you love. ink from chase. so you can. ♪ you have to let me know [ female announcer ] when sweet and salty come together, the taste is irresistible. sweet and salty nut bars by nature valley. nature at its most deliciou

antenna eemed a an used to pull down the television are providing and should be paying royalties. >> the second is there's no reason it should include cloud locker services altogether. >> how about simple tv or nimble tv? which is not quite a hybrid? >> i'm not familiar enough with the precise details of the operation but let me say in general they are obviously services that provide television programming over the internet and some of them are licensed because they realize they are publicly performing. if a particular company recorded television pranlsd offered to stream them to anyone who paid the fee or offered to stream them for free, that would be a public performance, because those companies would be providing content to people who didn't have it. i think the basic distinction or one that combines them to extremes that the company whether it be internet-based that provides content in the first instance and consumers with content already available. someone has bought a detroit copy of a song or some other source and stores it in a locker and asks that it be streamed back then th

that soames eems like it would best market in the world. >> if you're one of the original investors,rtunity. if you're an investor in the after market you don't want to get burned and get caught holding the bag on what seems like an expensive deal. that's what's been happening to ipos 6 to 12 months later. >> i think, kelly, what it brings to mind is what really is a technology company? it's great that this has users. it has users that actually generate revenue but as larry said, this is a food delivery company. every company is embracing technology and using it to better their business. at what point do you go from a company that's growing well and maybe deserves a couple extra turns on the multiple of revenue to 15 times or 20 times? >> we're not talking about 30 or 50 times -- >> times revenue. times revenue. >> multiples of revenue. >> when i bank the restaurant sector back in the '90s, if you had a company like this, this would be a services company and maybe it would trade at three times revenue. >> you know if i'm going to put the market on the couch here and say what were the

he eem join us live. >>> forget about turning the other cheek. another mma style. one of the pastors will tangle with us coming up. ♪ ♪ make every day, her day with a full menu of appetizers and entrées crafted with care and designed to delight. fancy feast. love served daily. you are about to become very popular. because when you buy the new samsung galaxy s5 on verizon, you get a second samsung galaxy s5 for free. so, who ya gonna give it to? maybe your brother could use it to finally et a girl. your mom, but isn't your love reward enough? its not. maybe your roommate, i mean you pretty much share everything else. hey. your girlfriend. just do not tell her it was free. whoever you choose, you'll both get the best devices on the number 1 ranked network. for best results, use verizon. >>> welcome back. a new documentary film highlights pastors who would rather beat each other up in the octagon. >> as christians, where are times you take shots. that's where the bible gives you your training. >> at the ends of the day, it's not reaching people with

nine days in a row on the eem, the emerging market index.day of the month you get money going in and usually it's an up day. that hasn't happened, the s&p has been down four days in a row on the first trading day of the month. the last time that happened was 2011 and i don't have an explanation. normally the first day is an up day overall. the big debate going into the second quarter is the whole growth versus value debate. this has been going on. the popular trade going into q-1 was long growth and short nongrowth. and a lot of the debate has been over whether or not the growth names have been worth the prices. you guys were talking about biotech. i get e-mails, my heavens, is there a lobby out there for biotech. pisani why don't you tell everybody they're not expensive they are cheap. i get e-mail on gilead, the e-mails say tell them gilead is ten times 2016 earnings. are you happy, guys? all right, i just told everybody. the lobby is incredible on this. celgene is another one, why do you say celgene is overpriced? celgene is 15 times 2015

the gentleman from florida says to eems disingenuous for us say inflation doesn't exist. to pretend it doesn't, i think it is odd for it to stop in 10 years instead of continuing on in perpetuity as these programs do. these programs provides us with other information. i'll close by saying this, my experience in the house with a voting cardigan in 2011. and while -- voting began in 2011. as while the gentleman from florida says the house can be eroding, my experience in the house and your experience in the house is we spent less in 2011 than in 2010. not more. inflation was there but we spent less. my experience, mr. speaker, is that we spent less in 2012 than we did in 2011. less in 2013 than we did in 2012. less than in 2014 than we did in 2013. every year i've been here, we've spent less. i think that's what our constituents expects from us, not to cut critical service programs but to increase our productivity and prioritize their dollars, prioritize their dollars to those places where they can do the most good. with that i reserve the balance of my time. the speaker pr